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Question 3 Here are comparative statement data for Duke Company and Lord Company, two competitors. All balance sheet data are as of December 31, 2020,
Question 3 Here are comparative statement data for Duke Company and Lord Company, two competitors. All balance sheet data are as of December 31, 2020, and December 31, 2019. Duke Company Lord Company 2020 2020 2019 2019 Net sales $1,812,000 $559,000 Cost of goods sold 1,020,156 297,388 Operating expenses 269,988 78,819 Interest expense 4,472 9,060 Income tax expense 54,360 6,708 $313,600 83,200 $78,900 Current assets 324,000 Plant assets (net) 521,400 499,400 139,200 124,500 Current liabilities 65,600 75,800 35,800 29,200 108,400 89,000 25,400 Long-term liabilities 28,800 Common stock, $10 497,000 497,000 124,500 124,500 par Retained earnings 174,400 151,200 33,300 24,300 (a) Prepare a vertical analysis of the 2020 income statement data for Duke Company and Lord Company. (Round percentages to 1 decimal place, e.g. 12.1%.) v (a) Prepare a vertical analysis of the 2020 income statement data for Duke Company and Lord Company. (Round percentages to 1 decimal place, e.g. 12.1%.) Condensed Income Statement Duke Company Lord Company Dollars Dollars Percent Percent Open Show Work Click if you would like to Show Work for this
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